Acetone and Phenol Prices Under Pressure Amidst Weaker Consumption

Acetone and Phenol Prices Under Pressure Amidst Weaker Consumption

  • 09-Mar-2020 2:00 PM
  • Journalist: Peter Schmidt

Acetone and Phenol, the downstream derivatives of crude oil, settled at relatively lower rates in the first week of March due to slump in demand from major consuming industries. Deepak Phenolics, India’s largest producer of Acetone and Phenol reduced the domestic prices of Phenol by around 4 percent and of Acetone by around 5 per cent to combat with any loss due to bearish buying sentiments of the products in the domestic as well as international market. Another factor for this reduction in prices is to promote the clearance of inventory by the end of the financial year. Prices of these two products are likely to follow the same trend in the coming weeks due to persistent drop in the prices of its feedstock crude oil, followed by low demand due to prolonged Coronavirus Outbreak. Deepak Phenolics, a subsidiary of Deepak Nitrite is primarily engaged in the manufacturing of Acetone and Phenol with a plant capacity of 120KTPA and 200KTPA respectively.

Related News

Weak Demand Overrules European Acetone Prices Despite Supply Chain Constraints
  • 17-Jun-2024 4:07 PM
  • Journalist: Rene Swann
Ineos Receives Financial Backing from UK Government for Europe's Largest Petrochemical Plant
  • 07-Mar-2024 6:09 PM
  • Journalist: Shiba Teramoto
Bull Run for European Acetone Market, Supply Constraints and Expensive Feedstock to Blame
  • 11-Mar-2024 5:36 PM
  • Journalist: Francis Stokes
May 2024: Acetone Prices Stabilize in North America Amid Supply Surplus
  • 28-May-2024 5:19 PM
  • Journalist: Sasha Fernandes